Details of the Israel - Panama Income Tax Agreement (2012), signed on 8 November 2012, have become available. The treaty was concluded in the Hebrew, Spanish and English languages, each text having equal authenticity. In the case of divergence, however, the English text prevails. The treaty generally follows the OECD Model The maximum rates of withholding tax are: - 15% on dividends, in general, and 5% if the beneficial owner is a pension scheme; - distributions made by a real estate investment company: 20% on distributions if the beneficial owner holds directly less than 10% of the capital of the...